After the Central Government betraying Andhra Pradesh by refusing the Steel Plant in Kadapa, Andhra Pradesh Government has decided to set up the Steel Plant on its own. The Project is expected to cost 18000 Crore and the groundbreaking ceremony will happen someday in the next one month.
Rayalaseema Steel Corporation will be established to execute this Project. A steel plant in Kadapa for Andhra Pradesh and in Bayyaram for Telangana were promised in the Andhra Pradesh Reorganization Act but the center has been refusing them on one pretext or the other and so, the state government has decided to that itself.
The government will establish a Special Purpose Vehicle for this factory. Through the SPV, the State government will mobilize required funds for construction of the factory. It also will enter into agreements with private partners. The State Cabinet has ratified the move a little while ago.
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